Domestic

Chalco swings back to profit in 2010

(Xinhua)
Updated: 2011-01-20 09:51

BEIJING -- Aluminum Corporation of China, or Chalco, swang back to profit in 2010 as revenues increased and administrative costs fell, a company spokesman said Wednesday.

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Chalco posted a profit of 2.7 billion yuan ($410.1 million) in 2010 compared to a loss of 4.65 billion yuan in 2009, company spokesman Yuan Li said.

Higher product prices, increased production, higher sales and reduced costs boosted the company's results in 2010, the company said in a filing with the Shanghai Stock Exchange Tuesday that did not include profit figures.

Full-year business revenue totaled 200.3 billion yuan last year, up 41 percent year-on-year, Yuan said, adding that revenue in 2011 is expected to top 210 billion yuan.

The company will speed up overseas project development over the coming 5 to 10 years, Yuan said.

Chalco aims to be a top-level global mining company, with overseas assets accounting for 30 percent of the company's total assets within the next 5 to 10 years, Yuan added.